Bitcoin dominance, a term used to describe the total market share that bitcoin maintains relative to other cryptocurrencies, has surged to a yearly high amid a wider pullback among digital assets and global equities markets. 

Bitcoin’s total market cap now represents nearly 60% of the total amount of capital in the crypto industry, according to The Block’s data page. This is up from a bitcoin dominance of about 51% on Friday.

Bitcoin was trading at around $51,000 at publication time after briefly falling below $50,000 in Asian trading hours. This is the lowest price Bitcoin has traded at since the launch of several spot bitcoin exchange-traded funds in January. Ether, the second-largest cryptocurrency, has also seen a significant drop and is now trading below $3,000.

U.S. stocks …